Energizer Holdings, Inc. (ENR) 10-Year Financial Performance & Capital Metrics

ENR • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

AboutEnergizer Holdings, Inc., together with its subsidiaries, manufactures, markets, and distributes household batteries, specialty batteries, and lighting products worldwide. It offers lithium, alkaline, carbon zinc, nickel metal hydride, zinc air, and silver oxide batteries under the Energizer and Eveready brands, as well as primary, rechargeable, specialty, and hearing aid batteries. The company also provides headlights, lanterns, and children's and area lights, as well as flash lights under the Energizer, Eveready, Rayovac, Hard Case, Dolphin, Varta, and WeatherReady brands. In addition, it licenses the Energizer and Eveready brands to companies developing consumer solutions in gaming, automotive batteries, portable power for critical devices, LED light bulbs, generators, power tools, household light bulbs, and other lighting products. Further, the company designs and markets automotive fragrance and appearance products, including protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners, and washes to clean, shine, refresh, and protect interior and exterior automobile surfaces under the brand names of Armor All, Nu Finish, Refresh Your Car!, LEXOL, Eagle One, California Scents, Driven, and Bahama & Co; STP branded fuel and oil additives, functional fluids, and other performance chemical products; and do-it-yourself automotive air conditioning recharge products under the A/C PRO brand name, as well as other refrigerant and recharge kits, sealants, and accessories. It sells its products through direct sales force, distributors, and wholesalers; and through various retail and business-to-business channels, including mass merchandisers, club, electronics, food, home improvement, dollar store, auto, drug, hardware, e-commerce, convenience, sporting goods, hobby/craft, office, industrial, medical, and catalog. Energizer Holdings, Inc. was incorporated in 2015 and is headquartered in Saint Louis, Missouri.Show more

Revenue $2.95B +2.3%
EBITDA $653M +14.6%
Net Income $239M +527.3%
EPS (Diluted) 3.32 +538.5%
Gross Margin 40.62% +6.3%
EBITDA Margin 22.12% +12.1%
Operating Margin 17.82% +14.5%
Net Margin 8.09% +513.3%
ROE 156.36% +611.0%
ROIC 11.79% +16.7%
Debt/Equity 20.79 -14.6%
Interest Coverage 3.41 +18.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 86.9%
✓Strong 5Y profit CAGR of 37.7%
✓Healthy dividend yield of 5.7%

✗Weaknesses

✗High debt to equity ratio of 20.8x
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.11%

5Y1.47%

3Y-1.08%

TTM2.28%

Profit (Net Income) CAGR

10Y-

5Y37.69%

3Y-

TTM527.3%

EPS CAGR

10Y-

5Y37.32%

3Y-

TTM87468.42%

ROCE

10Y Avg14.97%

5Y Avg12.5%

3Y Avg12.88%

Latest14.45%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	117.21M	7.04	18.53	3.66%	0.92%	1.25%	12.55%	0.44
CBATCBAK Energy Technology, Inc.	77.12M	0.87	6.69	-13.61%	-4.03%	-5.5%	29.2%	0.25
ENREnergizer Holdings, Inc.	1.46B	21.24	6.40	2.28%	8.09%	140.67%	4.34%	20.79
XPONExpion360 Inc.	8.88M	0.92	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	46.38M	3.84	-0.65	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.57B	7.41	-2.32		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.44M	1.52	-3.80	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	974.7M	2.97	-4.87	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.63B	1.76B	1.8B	2.49B	2.74B	3.02B	3.05B	2.96B	2.89B	2.95B
Revenue Growth %	0%	0.07%	0.02%	0.39%	0.1%	0.1%	0.01%	-0.03%	-0.02%	0.02%
Cost of Goods Sold+	921.8M	955.6M	978.3M	1.47B	1.66B	1.84B	1.99B	1.87B	1.78B	1.75B
COGS % of Revenue	0.56%	0.54%	0.54%	0.59%	0.6%	0.61%	0.65%	0.63%	0.62%	0.59%
Gross Profit+	712.4M	800.1M	819.4M	1.02B	1.09B	1.18B	1.06B	1.09B	1.1B	1.2B
Gross Margin %	0.44%	0.46%	0.46%	0.41%	0.4%	0.39%	0.35%	0.37%	0.38%	0.41%
Gross Profit Growth %	-0.06%	0.12%	0.02%	0.25%	0.06%	0.08%	-0.1%	0.03%	0.01%	0.09%
Operating Expenses+	461.6M	499.4M	494.1M	592.4M	625.7M	641.1M	637.9M	634.6M	653.5M	673M
OpEx % of Revenue	0.28%	0.28%	0.27%	0.24%	0.23%	0.21%	0.21%	0.21%	0.23%	0.23%
Selling, General & Admin	435M	477.4M	471.7M	560.7M	591.6M	607.7M	604.3M	601.7M	621.9M	640.4M
SG&A % of Revenue	0.27%	0.27%	0.26%	0.22%	0.22%	0.2%	0.2%	0.2%	0.22%	0.22%
Research & Development	26.6M	22M	22.4M	32.8M	35.4M	34.5M	34.7M	32.9M	31.6M	32.6M
R&D % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	250.8M	300.7M	325.3M	430.6M	460.3M	535.8M	423.7M	454.8M	449.3M	526.3M
Operating Margin %	0.15%	0.17%	0.18%	0.17%	0.17%	0.18%	0.14%	0.15%	0.16%	0.18%
Operating Income Growth %	-0.09%	0.2%	0.08%	0.32%	0.07%	0.16%	-0.21%	0.07%	-0.01%	0.17%
EBITDA+	285.1M	350.9M	370.4M	523.4M	572.2M	654.3M	545.3M	577.5M	569.8M	653M
EBITDA Margin %	0.17%	0.2%	0.21%	0.21%	0.21%	0.22%	0.18%	0.2%	0.2%	0.22%
EBITDA Growth %	-0.1%	0.23%	0.06%	0.41%	0.09%	0.14%	-0.17%	0.06%	-0.01%	0.15%
D&A (Non-Cash Add-back)	34.3M	50.2M	45.1M	92.8M	111.9M	118.5M	121.6M	122.7M	120.5M	126.7M
EBIT	217.1M	324M	272.7M	233.8M	258.4M	309.3M	-149.6M	370.4M	209.5M	460.5M
Net Interest Income+	-52M	-51.1M	-98.4M	-212.5M	-194.4M	-161.1M	-157.4M	-159.8M	-145M	-151.1M
Interest Income	2.3M	2M	6.6M	13.5M	600K	700K	1M	8.9M	10.7M	3.2M
Interest Expense	54.3M	53.1M	97.5M	226M	195M	161.8M	158.4M	168.7M	155.7M	154.3M
Other Income/Expense	-85.1M	-27.4M	-150.1M	-357.5M	-392.6M	-381.6M	-729.2M	-279.1M	-395.5M	-242.2M
Pretax Income+	165.7M	273.3M	175.2M	73.1M	67.7M	154.2M	-305.5M	175.7M	53.8M	284.1M
Pretax Margin %	0.1%	0.16%	0.1%	0.03%	0.02%	0.05%	-0.1%	0.06%	0.02%	0.1%
Income Tax+	38M	71.8M	81.7M	8.4M	20.9M	-6.7M	-74M	35.2M	15.7M	45.1M
Effective Tax Rate %	0.77%	0.74%	0.53%	0.7%	0.71%	1.04%	0.76%	0.8%	0.71%	0.84%
Net Income+	127.7M	201.5M	93.5M	51.1M	48.3M	160.9M	-231.5M	140.5M	38.1M	239M
Net Margin %	0.08%	0.11%	0.05%	0.02%	0.02%	0.05%	-0.08%	0.05%	0.01%	0.08%
Net Income Growth %	32.92%	0.58%	-0.54%	-0.45%	-0.05%	2.33%	-2.44%	1.61%	-0.73%	5.27%
Net Income (Continuing)	127.7M	201.5M	93.5M	64.7M	46.8M	160.9M	-231.5M	140.5M	38.1M	239M
Discontinued Operations	0	0	0	0	1.5M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.04	3.22	1.52	0.76	0.68	2.11	-3.31	1.94	0.52	3.32
EPS Growth %	32.73%	0.58%	-0.53%	-0.5%	-0.11%	2.1%	-2.57%	1.59%	-0.73%	5.38%
EPS (Basic)	2.06	3.27	1.56	0.77	0.68	2.12	-3.31	1.97	0.53	3.37
Diluted Shares Outstanding	62.5M	62.6M	61.4M	67.3M	68.8M	68.7M	69.9M	72.4M	72.7M	72M
Basic Shares Outstanding	61.9M	61.7M	59.8M	66.4M	68.8M	68.2M	69.9M	71.5M	71.8M	70.9M
Dividend Payout Ratio	0.49%	0.34%	0.75%	1.62%	1.77%	0.52%	-	0.61%	2.29%	0.36%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	889.5M	1.02B	1.17B	2.04B	2.21B	1.44B	1.59B	1.56B	1.48B	1.68B
Cash & Short-Term Investments	287.3M	378M	522.1M	258.5M	1.25B	238.9M	205.3M	223.3M	216.9M	236.2M
Cash Only	287.3M	378M	522.1M	258.5M	1.25B	238.9M	205.3M	223.3M	216.9M	236.2M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	218.6M	243.9M	240.3M	356.7M	358.8M	358.9M	479.3M	511.6M	494.6M	404.2M
Days Sales Outstanding	48.82	50.71	48.79	52.19	47.71	43.36	57.36	63.09	62.53	49.97
Inventory	289.2M	317.1M	323.1M	469.3M	511.3M	728.3M	771.6M	649.7M	657.3M	781.2M
Days Inventory Outstanding	114.51	121.12	120.55	116.41	112.51	144.11	141.63	126.79	134.47	162.62
Other Current Assets	52.1M	42.2M	43.3M	897.5M	14.5M	15.1M	42.9M	88.4M	29.5M	257.5M
Total Non-Current Assets+	842M	803.4M	2.01B	3.41B	3.52B	3.57B	2.98B	2.95B	2.86B	2.88B
Property, Plant & Equipment	201.7M	176.5M	166.7M	362M	474M	495.2M	462.2M	462.1M	474.8M	496.2M
Fixed Asset Turnover	8.10x	9.95x	10.78x	6.89x	5.79x	6.10x	6.60x	6.40x	6.08x	5.95x
Goodwill	229.7M	230M	244.2M	1B	1.02B	1.05B	1B	1.02B	1.05B	1.05B
Intangible Assets	234.7M	223.8M	232.7M	1.96B	1.91B	1.87B	1.3B	1.24B	1.07B	1.01B
Long-Term Investments	0	0	1.25B	0	0	0	0	0	0	0
Other Non-Current Assets	112.2M	125.4M	81M	64.3M	94.1M	126M	159.2M	148.6M	126M	158.1M
Total Assets+	1.73B	1.82B	3.18B	5.45B	5.73B	5.01B	4.57B	4.51B	4.34B	4.56B
Asset Turnover	0.94x	0.96x	0.57x	0.46x	0.48x	0.60x	0.67x	0.66x	0.66x	0.65x
Asset Growth %	0.06%	0.05%	0.74%	0.71%	0.05%	-0.13%	-0.09%	-0.01%	-0.04%	0.05%
Total Current Liabilities+	533.1M	582M	751.2M	1.07B	1.65B	946.4M	697.9M	734.2M	819.8M	795M
Accounts Payable	217M	219.3M	228.9M	299M	378.1M	454.8M	329.4M	370.8M	433.1M	402.2M
Days Payables Outstanding	85.92	83.76	85.4	74.17	83.2	89.99	60.46	72.36	88.6	83.72
Short-Term Debt	61.4M	108.1M	251.3M	31.9M	861.6M	117M	18.4M	20.2M	14.1M	40M
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	0	0	0
Other Current Liabilities	195.4M	200.2M	222.2M	653.9M	310.4M	141M	107.8M	267.7M	125.6M	352.8M
Current Ratio	1.67x	1.75x	1.56x	1.91x	1.34x	1.52x	2.28x	2.12x	1.80x	2.11x
Quick Ratio	1.13x	1.21x	1.13x	1.47x	1.03x	0.75x	1.17x	1.24x	1.00x	1.13x
Cash Conversion Cycle	77.41	88.06	83.94	94.44	77.02	97.47	138.53	117.52	108.4	128.86
Total Non-Current Liabilities+	1.23B	1.16B	2.4B	3.84B	3.77B	3.71B	3.74B	3.56B	3.39B	3.59B
Long-Term Debt	981.7M	978.5M	2.21B	3.46B	3.26B	3.33B	3.5B	3.33B	3.19B	3.41B
Capital Lease Obligations	0	0	0	0	157.7M	102.3M	88.2M	84.7M	82.4M	84.8M
Deferred Tax Liabilities	-47.6M	-41M	0	170.6M	140.4M	91.3M	17.9M	12.4M	8.3M	6.1M
Other Non-Current Liabilities	246.7M	178M	196.3M	204.6M	211.6M	178.4M	138.1M	135.5M	103.1M	93M
Total Liabilities	1.76B	1.74B	3.15B	4.91B	5.42B	4.65B	4.44B	4.3B	4.21B	4.39B
Total Debt+	1.04B	1.09B	2.46B	3.5B	4.28B	3.57B	3.62B	3.45B	3.31B	3.53B
Net Debt	755.8M	708.6M	1.94B	3.24B	3.03B	3.33B	3.42B	3.23B	3.09B	3.3B
Debt / Equity	-	12.77x	100.33x	6.43x	13.85x	10.04x	27.74x	16.40x	24.36x	20.79x
Debt / EBITDA	3.66x	3.10x	6.64x	6.68x	7.48x	5.46x	6.64x	5.98x	5.81x	5.41x
Net Debt / EBITDA	2.65x	2.02x	5.23x	6.18x	5.30x	5.09x	6.27x	5.60x	5.43x	5.05x
Interest Coverage	4.62x	5.66x	3.34x	1.91x	2.36x	3.31x	2.67x	2.70x	2.89x	3.41x
Total Equity+	-30M	85.1M	24.5M	543.8M	309.1M	355.7M	130.6M	210.7M	135.8M	169.9M
Equity Growth %	0.5%	3.84%	-0.71%	21.2%	-0.43%	0.15%	-0.63%	0.61%	-0.36%	0.25%
Book Value per Share	-0.48	1.36	0.40	8.08	4.49	5.18	1.87	2.91	1.87	2.36
Total Shareholders' Equity	-30M	85.1M	24.5M	543.8M	309.1M	355.7M	130.6M	210.7M	135.8M	169.9M
Common Stock	600K	600K	600K	700K	700K	700K	800K	800K	800K	800K
Retained Earnings	70.9M	198.7M	177.3M	129.5M	-66.2M	-5M	-304.7M	-164.8M	-128.4M	87M
Treasury Stock	-30M	-72.1M	-129.4M	-158.4M	-176.9M	-241.6M	-248.9M	-238.1M	-223.6M	-295.8M
Accumulated OCI	-266.1M	-238.8M	-241.8M	-298.3M	-307.7M	-230.4M	-145.3M	-137.7M	-180.6M	-225.6M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	193.9M	197.2M	228.7M	149.5M	376.4M	179.7M	1M	395.2M	429.6M	147.1M
Operating CF Margin %	0.12%	0.11%	0.13%	0.06%	0.14%	0.06%	0%	0.13%	0.15%	0.05%
Operating CF Growth %	0.2%	0.02%	0.16%	-0.35%	1.52%	-0.52%	-0.99%	394.2%	0.09%	-0.66%
Net Income	127.7M	201.5M	93.5M	64.7M	46.8M	160.9M	-231.5M	140.5M	38.1M	239M
Depreciation & Amortization	34.3M	50.2M	45.1M	92.8M	111.9M	118.5M	121.6M	122.7M	120.5M	126.7M
Stock-Based Compensation	20.4M	24.3M	28.2M	27.1M	24.5M	10.2M	13.2M	22.2M	23.1M	25.6M
Deferred Taxes	4.2M	-4.4M	34.9M	-33.7M	-34.8M	-62.9M	-135.3M	0	-43.3M	-16.6M
Other Non-Cash Items	-4M	-41.9M	12.6M	68.2M	115.8M	122.3M	567.2M	81.9M	169.3M	-87.4M
Working Capital Changes	11.3M	-32.5M	14.4M	-69.6M	112.2M	-169.3M	-334.2M	27.9M	121.9M	-140.2M
Change in Receivables	-4.1M	-43.7M	-1.1M	-24.9M	47.8M	9.5M	-185.5M	-80.4M	71.8M	32.9M
Change in Inventory	11.9M	-30.7M	-12.1M	-15.2M	-39.8M	-211.8M	-94.2M	132.3M	-4M	-88.6M
Change in Payables	43.7M	13.4M	4.4M	5.2M	76.2M	51.4M	-113.8M	0	62.2M	-60M
Cash from Investing+	-371.2M	2M	-56.2M	-2.92B	216.9M	-126.4M	-90.9M	-56.1M	-114M	-98.2M
Capital Expenditures	-28.7M	-25.2M	-24.2M	-55.1M	-65.3M	-64.9M	-92.5M	-56.8M	-97.9M	-83.9M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.03%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-27.2M	2M	6.1M	-407.2M	287.3M	5.7M	600K	700K	7.3M	0
Cash from Financing+	-45.4M	-106.9M	1.23B	1.27B	393.1M	-1.07B	79.1M	-309.4M	-300.3M	-29.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-62.7M	-69.1M	-70M	-91M	-101.6M	-100.1M	-93M	-86.3M	-87.4M	-87.1M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	52.1M	-800K	-33M	360M	-57.2M	-183.6M	-7.6M	1.2M	-5.9M	-13.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	165.2M	172M	204.5M	94.4M	311.1M	114.8M	-91.5M	338.4M	331.7M	63.2M
FCF Margin %	0.1%	0.1%	0.11%	0.04%	0.11%	0.04%	-0.03%	0.11%	0.11%	0.02%
FCF Growth %	0.36%	0.04%	0.19%	-0.54%	2.3%	-0.63%	-1.8%	4.7%	-0.02%	-0.81%
FCF per Share	2.64	2.75	3.33	1.40	4.52	1.67	-1.31	4.67	4.56	0.88
FCF Conversion (FCF/Net Income)	1.52x	0.98x	2.45x	2.93x	7.79x	1.12x	-0.00x	2.81x	11.28x	0.62x
Interest Paid	0	0	0	0	0	0	0	159.6M	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	731.4%	170.62%	17.98%	11.33%	48.41%	-95.21%	82.33%	21.99%	156.36%
Return on Invested Capital (ROIC)	32.24%	29.68%	17.72%	11.25%	9.7%	11.44%	8.78%	9.76%	10.11%	11.79%
Gross Margin	43.59%	45.57%	45.58%	41.01%	39.57%	38.95%	34.81%	36.81%	38.2%	40.62%
Net Margin	7.81%	11.48%	5.2%	2.05%	1.76%	5.33%	-7.59%	4.75%	1.32%	8.09%
Debt / Equity	-	12.77x	100.33x	6.43x	13.85x	10.04x	27.74x	16.40x	24.36x	20.79x
Interest Coverage	4.62x	5.66x	3.34x	1.91x	2.36x	3.31x	2.67x	2.70x	2.89x	3.41x
FCF Conversion	1.52x	0.98x	2.45x	2.93x	7.79x	1.12x	-0.00x	2.81x	11.28x	0.62x
Revenue Growth	0.16%	7.43%	2.39%	38.76%	10.03%	10.08%	0.95%	-2.96%	-2.46%	2.28%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2024	2025
Alkaline Batteries	1.04B	1.5B	1.55B	1.61B	1.96B	2.1B	2.27B	2.3B	2.16B	2.25B
Alkaline Batteries Growth	-	43.36%	3.35%	4.17%	21.53%	7.14%	7.98%	1.36%	-5.95%	3.98%
Auto Care	-	-	-	-	409.3M	513M	606.9M	622.8M	627.5M	620M
Auto Care Growth	-	-	-	-	-	25.34%	18.30%	2.62%	0.75%	-1.20%
Other Batteries and Lighting Products	586.7M	136.2M	207.5M	185M	125.3M	132M	147.2M	129.1M	98.1M	85.3M
Other Batteries and Lighting Products Growth	-	-76.79%	52.35%	-10.84%	-32.27%	5.35%	11.52%	-12.30%	-24.01%	-13.05%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2024	2025
UNITED STATES	767.6M	824.1M	923M	935.8M	1.44B	1.64B	1.79B	1.8B	1.71B	1.72B
UNITED STATES Growth	-	7.36%	12.00%	1.39%	53.43%	14.35%	8.92%	0.63%	-5.18%	0.77%
Non-US	864M	810.1M	832.7M	861.9M	1.06B	1.1B	1.23B	1.25B	1.18B	1.23B
Non-US Growth	-	-6.24%	2.79%	3.51%	22.83%	4.17%	11.81%	1.41%	-5.59%	4.45%

Frequently Asked Questions

Valuation & Price

Energizer Holdings, Inc. (ENR) has a price-to-earnings (P/E) ratio of 6.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Energizer Holdings, Inc. (ENR) reported $2.95B in revenue for fiscal year 2025. This represents a 47% increase from $2.01B in 2013.

Energizer Holdings, Inc. (ENR) grew revenue by 2.3% over the past year. Growth has been modest.

Yes, Energizer Holdings, Inc. (ENR) is profitable, generating $239.0M in net income for fiscal year 2025 (8.1% net margin).

Dividend & Returns

Yes, Energizer Holdings, Inc. (ENR) pays a dividend with a yield of 5.70%. This makes it attractive for income-focused investors.

Energizer Holdings, Inc. (ENR) has a return on equity (ROE) of 156.4%. This is excellent, indicating efficient use of shareholder capital.

Energizer Holdings, Inc. (ENR) generated $63.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Energizer Holdings, Inc. (ENR) 10-Year Financial Performance & Capital Metrics

ENR • • Industrial / General

IndustrialsElectrical EquipmentBattery Materials & ComponentsLithium-ion Battery Manufacturing

Revenue $2.95B +2.3%
EBITDA $653M +14.6%
Net Income $239M +527.3%
EPS (Diluted) 3.32 +538.5%
Gross Margin 40.62% +6.3%
EBITDA Margin 22.12% +12.1%
Operating Margin 17.82% +14.5%
Net Margin 8.09% +513.3%
ROE 156.36% +611.0%
ROIC 11.79% +16.7%
Debt/Equity 20.79 -14.6%
Interest Coverage 3.41 +18.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 86.9%
✓Strong 5Y profit CAGR of 37.7%
✓Healthy dividend yield of 5.7%

✗Weaknesses

✗High debt to equity ratio of 20.8x
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.11%

5Y1.47%

3Y-1.08%

TTM2.28%

Profit (Net Income) CAGR

10Y-

5Y37.69%

3Y-

TTM527.3%

EPS CAGR

10Y-

5Y37.32%

3Y-

TTM87468.42%

ROCE

10Y Avg14.97%

5Y Avg12.5%

3Y Avg12.88%

Latest14.45%

Peer Comparison

Lithium-ion Battery Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ULBIUltralife Corporation	117.21M	7.04	18.53	3.66%	0.92%	1.25%	12.55%	0.44
CBATCBAK Energy Technology, Inc.	77.12M	0.87	6.69	-13.61%	-4.03%	-5.5%	29.2%	0.25
ENREnergizer Holdings, Inc.	1.46B	21.24	6.40	2.28%	8.09%	140.67%	4.34%	20.79
XPONExpion360 Inc.	8.88M	0.92	-0.04	-5.96%	-21.76%	-22.74%		0.41
DFLIDragonfly Energy Holdings Corp.	46.38M	3.84	-0.65	-21.35%	-60.13%	-438.89%
TET1 Energy Inc	1.57B	7.41	-2.32		-243.61%	-351.25%		3.01
FLUXFlux Power Holdings, Inc.	32.44M	1.52	-3.80	9.22%	-10.05%
MVSTMicrovast Holdings, Inc.	974.7M	2.97	-4.87	23.87%	-34.01%	-42.22%		0.85

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.63B	1.76B	1.8B	2.49B	2.74B	3.02B	3.05B	2.96B	2.89B	2.95B
Revenue Growth %	0%	0.07%	0.02%	0.39%	0.1%	0.1%	0.01%	-0.03%	-0.02%	0.02%
Cost of Goods Sold+	921.8M	955.6M	978.3M	1.47B	1.66B	1.84B	1.99B	1.87B	1.78B	1.75B
COGS % of Revenue	0.56%	0.54%	0.54%	0.59%	0.6%	0.61%	0.65%	0.63%	0.62%	0.59%
Gross Profit+	712.4M	800.1M	819.4M	1.02B	1.09B	1.18B	1.06B	1.09B	1.1B	1.2B
Gross Margin %	0.44%	0.46%	0.46%	0.41%	0.4%	0.39%	0.35%	0.37%	0.38%	0.41%
Gross Profit Growth %	-0.06%	0.12%	0.02%	0.25%	0.06%	0.08%	-0.1%	0.03%	0.01%	0.09%
Operating Expenses+	461.6M	499.4M	494.1M	592.4M	625.7M	641.1M	637.9M	634.6M	653.5M	673M
OpEx % of Revenue	0.28%	0.28%	0.27%	0.24%	0.23%	0.21%	0.21%	0.21%	0.23%	0.23%
Selling, General & Admin	435M	477.4M	471.7M	560.7M	591.6M	607.7M	604.3M	601.7M	621.9M	640.4M
SG&A % of Revenue	0.27%	0.27%	0.26%	0.22%	0.22%	0.2%	0.2%	0.2%	0.22%	0.22%
Research & Development	26.6M	22M	22.4M	32.8M	35.4M	34.5M	34.7M	32.9M	31.6M	32.6M
R&D % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	250.8M	300.7M	325.3M	430.6M	460.3M	535.8M	423.7M	454.8M	449.3M	526.3M
Operating Margin %	0.15%	0.17%	0.18%	0.17%	0.17%	0.18%	0.14%	0.15%	0.16%	0.18%
Operating Income Growth %	-0.09%	0.2%	0.08%	0.32%	0.07%	0.16%	-0.21%	0.07%	-0.01%	0.17%
EBITDA+	285.1M	350.9M	370.4M	523.4M	572.2M	654.3M	545.3M	577.5M	569.8M	653M
EBITDA Margin %	0.17%	0.2%	0.21%	0.21%	0.21%	0.22%	0.18%	0.2%	0.2%	0.22%
EBITDA Growth %	-0.1%	0.23%	0.06%	0.41%	0.09%	0.14%	-0.17%	0.06%	-0.01%	0.15%
D&A (Non-Cash Add-back)	34.3M	50.2M	45.1M	92.8M	111.9M	118.5M	121.6M	122.7M	120.5M	126.7M
EBIT	217.1M	324M	272.7M	233.8M	258.4M	309.3M	-149.6M	370.4M	209.5M	460.5M
Net Interest Income+	-52M	-51.1M	-98.4M	-212.5M	-194.4M	-161.1M	-157.4M	-159.8M	-145M	-151.1M
Interest Income	2.3M	2M	6.6M	13.5M	600K	700K	1M	8.9M	10.7M	3.2M
Interest Expense	54.3M	53.1M	97.5M	226M	195M	161.8M	158.4M	168.7M	155.7M	154.3M
Other Income/Expense	-85.1M	-27.4M	-150.1M	-357.5M	-392.6M	-381.6M	-729.2M	-279.1M	-395.5M	-242.2M
Pretax Income+	165.7M	273.3M	175.2M	73.1M	67.7M	154.2M	-305.5M	175.7M	53.8M	284.1M
Pretax Margin %	0.1%	0.16%	0.1%	0.03%	0.02%	0.05%	-0.1%	0.06%	0.02%	0.1%
Income Tax+	38M	71.8M	81.7M	8.4M	20.9M	-6.7M	-74M	35.2M	15.7M	45.1M
Effective Tax Rate %	0.77%	0.74%	0.53%	0.7%	0.71%	1.04%	0.76%	0.8%	0.71%	0.84%
Net Income+	127.7M	201.5M	93.5M	51.1M	48.3M	160.9M	-231.5M	140.5M	38.1M	239M
Net Margin %	0.08%	0.11%	0.05%	0.02%	0.02%	0.05%	-0.08%	0.05%	0.01%	0.08%
Net Income Growth %	32.92%	0.58%	-0.54%	-0.45%	-0.05%	2.33%	-2.44%	1.61%	-0.73%	5.27%
Net Income (Continuing)	127.7M	201.5M	93.5M	64.7M	46.8M	160.9M	-231.5M	140.5M	38.1M	239M
Discontinued Operations	0	0	0	0	1.5M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.04	3.22	1.52	0.76	0.68	2.11	-3.31	1.94	0.52	3.32
EPS Growth %	32.73%	0.58%	-0.53%	-0.5%	-0.11%	2.1%	-2.57%	1.59%	-0.73%	5.38%
EPS (Basic)	2.06	3.27	1.56	0.77	0.68	2.12	-3.31	1.97	0.53	3.37
Diluted Shares Outstanding	62.5M	62.6M	61.4M	67.3M	68.8M	68.7M	69.9M	72.4M	72.7M	72M
Basic Shares Outstanding	61.9M	61.7M	59.8M	66.4M	68.8M	68.2M	69.9M	71.5M	71.8M	70.9M
Dividend Payout Ratio	0.49%	0.34%	0.75%	1.62%	1.77%	0.52%	-	0.61%	2.29%	0.36%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	889.5M	1.02B	1.17B	2.04B	2.21B	1.44B	1.59B	1.56B	1.48B	1.68B
Cash & Short-Term Investments	287.3M	378M	522.1M	258.5M	1.25B	238.9M	205.3M	223.3M	216.9M	236.2M
Cash Only	287.3M	378M	522.1M	258.5M	1.25B	238.9M	205.3M	223.3M	216.9M	236.2M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	218.6M	243.9M	240.3M	356.7M	358.8M	358.9M	479.3M	511.6M	494.6M	404.2M
Days Sales Outstanding	48.82	50.71	48.79	52.19	47.71	43.36	57.36	63.09	62.53	49.97
Inventory	289.2M	317.1M	323.1M	469.3M	511.3M	728.3M	771.6M	649.7M	657.3M	781.2M
Days Inventory Outstanding	114.51	121.12	120.55	116.41	112.51	144.11	141.63	126.79	134.47	162.62
Other Current Assets	52.1M	42.2M	43.3M	897.5M	14.5M	15.1M	42.9M	88.4M	29.5M	257.5M
Total Non-Current Assets+	842M	803.4M	2.01B	3.41B	3.52B	3.57B	2.98B	2.95B	2.86B	2.88B
Property, Plant & Equipment	201.7M	176.5M	166.7M	362M	474M	495.2M	462.2M	462.1M	474.8M	496.2M
Fixed Asset Turnover	8.10x	9.95x	10.78x	6.89x	5.79x	6.10x	6.60x	6.40x	6.08x	5.95x
Goodwill	229.7M	230M	244.2M	1B	1.02B	1.05B	1B	1.02B	1.05B	1.05B
Intangible Assets	234.7M	223.8M	232.7M	1.96B	1.91B	1.87B	1.3B	1.24B	1.07B	1.01B
Long-Term Investments	0	0	1.25B	0	0	0	0	0	0	0
Other Non-Current Assets	112.2M	125.4M	81M	64.3M	94.1M	126M	159.2M	148.6M	126M	158.1M
Total Assets+	1.73B	1.82B	3.18B	5.45B	5.73B	5.01B	4.57B	4.51B	4.34B	4.56B
Asset Turnover	0.94x	0.96x	0.57x	0.46x	0.48x	0.60x	0.67x	0.66x	0.66x	0.65x
Asset Growth %	0.06%	0.05%	0.74%	0.71%	0.05%	-0.13%	-0.09%	-0.01%	-0.04%	0.05%
Total Current Liabilities+	533.1M	582M	751.2M	1.07B	1.65B	946.4M	697.9M	734.2M	819.8M	795M
Accounts Payable	217M	219.3M	228.9M	299M	378.1M	454.8M	329.4M	370.8M	433.1M	402.2M
Days Payables Outstanding	85.92	83.76	85.4	74.17	83.2	89.99	60.46	72.36	88.6	83.72
Short-Term Debt	61.4M	108.1M	251.3M	31.9M	861.6M	117M	18.4M	20.2M	14.1M	40M
Deferred Revenue (Current)	0	0	1000K	0	0	0	0	0	0	0
Other Current Liabilities	195.4M	200.2M	222.2M	653.9M	310.4M	141M	107.8M	267.7M	125.6M	352.8M
Current Ratio	1.67x	1.75x	1.56x	1.91x	1.34x	1.52x	2.28x	2.12x	1.80x	2.11x
Quick Ratio	1.13x	1.21x	1.13x	1.47x	1.03x	0.75x	1.17x	1.24x	1.00x	1.13x
Cash Conversion Cycle	77.41	88.06	83.94	94.44	77.02	97.47	138.53	117.52	108.4	128.86
Total Non-Current Liabilities+	1.23B	1.16B	2.4B	3.84B	3.77B	3.71B	3.74B	3.56B	3.39B	3.59B
Long-Term Debt	981.7M	978.5M	2.21B	3.46B	3.26B	3.33B	3.5B	3.33B	3.19B	3.41B
Capital Lease Obligations	0	0	0	0	157.7M	102.3M	88.2M	84.7M	82.4M	84.8M
Deferred Tax Liabilities	-47.6M	-41M	0	170.6M	140.4M	91.3M	17.9M	12.4M	8.3M	6.1M
Other Non-Current Liabilities	246.7M	178M	196.3M	204.6M	211.6M	178.4M	138.1M	135.5M	103.1M	93M
Total Liabilities	1.76B	1.74B	3.15B	4.91B	5.42B	4.65B	4.44B	4.3B	4.21B	4.39B
Total Debt+	1.04B	1.09B	2.46B	3.5B	4.28B	3.57B	3.62B	3.45B	3.31B	3.53B
Net Debt	755.8M	708.6M	1.94B	3.24B	3.03B	3.33B	3.42B	3.23B	3.09B	3.3B
Debt / Equity	-	12.77x	100.33x	6.43x	13.85x	10.04x	27.74x	16.40x	24.36x	20.79x
Debt / EBITDA	3.66x	3.10x	6.64x	6.68x	7.48x	5.46x	6.64x	5.98x	5.81x	5.41x
Net Debt / EBITDA	2.65x	2.02x	5.23x	6.18x	5.30x	5.09x	6.27x	5.60x	5.43x	5.05x
Interest Coverage	4.62x	5.66x	3.34x	1.91x	2.36x	3.31x	2.67x	2.70x	2.89x	3.41x
Total Equity+	-30M	85.1M	24.5M	543.8M	309.1M	355.7M	130.6M	210.7M	135.8M	169.9M
Equity Growth %	0.5%	3.84%	-0.71%	21.2%	-0.43%	0.15%	-0.63%	0.61%	-0.36%	0.25%
Book Value per Share	-0.48	1.36	0.40	8.08	4.49	5.18	1.87	2.91	1.87	2.36
Total Shareholders' Equity	-30M	85.1M	24.5M	543.8M	309.1M	355.7M	130.6M	210.7M	135.8M	169.9M
Common Stock	600K	600K	600K	700K	700K	700K	800K	800K	800K	800K
Retained Earnings	70.9M	198.7M	177.3M	129.5M	-66.2M	-5M	-304.7M	-164.8M	-128.4M	87M
Treasury Stock	-30M	-72.1M	-129.4M	-158.4M	-176.9M	-241.6M	-248.9M	-238.1M	-223.6M	-295.8M
Accumulated OCI	-266.1M	-238.8M	-241.8M	-298.3M	-307.7M	-230.4M	-145.3M	-137.7M	-180.6M	-225.6M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	193.9M	197.2M	228.7M	149.5M	376.4M	179.7M	1M	395.2M	429.6M	147.1M
Operating CF Margin %	0.12%	0.11%	0.13%	0.06%	0.14%	0.06%	0%	0.13%	0.15%	0.05%
Operating CF Growth %	0.2%	0.02%	0.16%	-0.35%	1.52%	-0.52%	-0.99%	394.2%	0.09%	-0.66%
Net Income	127.7M	201.5M	93.5M	64.7M	46.8M	160.9M	-231.5M	140.5M	38.1M	239M
Depreciation & Amortization	34.3M	50.2M	45.1M	92.8M	111.9M	118.5M	121.6M	122.7M	120.5M	126.7M
Stock-Based Compensation	20.4M	24.3M	28.2M	27.1M	24.5M	10.2M	13.2M	22.2M	23.1M	25.6M
Deferred Taxes	4.2M	-4.4M	34.9M	-33.7M	-34.8M	-62.9M	-135.3M	0	-43.3M	-16.6M
Other Non-Cash Items	-4M	-41.9M	12.6M	68.2M	115.8M	122.3M	567.2M	81.9M	169.3M	-87.4M
Working Capital Changes	11.3M	-32.5M	14.4M	-69.6M	112.2M	-169.3M	-334.2M	27.9M	121.9M	-140.2M
Change in Receivables	-4.1M	-43.7M	-1.1M	-24.9M	47.8M	9.5M	-185.5M	-80.4M	71.8M	32.9M
Change in Inventory	11.9M	-30.7M	-12.1M	-15.2M	-39.8M	-211.8M	-94.2M	132.3M	-4M	-88.6M
Change in Payables	43.7M	13.4M	4.4M	5.2M	76.2M	51.4M	-113.8M	0	62.2M	-60M
Cash from Investing+	-371.2M	2M	-56.2M	-2.92B	216.9M	-126.4M	-90.9M	-56.1M	-114M	-98.2M
Capital Expenditures	-28.7M	-25.2M	-24.2M	-55.1M	-65.3M	-64.9M	-92.5M	-56.8M	-97.9M	-83.9M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.02%	0.02%	0.02%	0.03%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-27.2M	2M	6.1M	-407.2M	287.3M	5.7M	600K	700K	7.3M	0
Cash from Financing+	-45.4M	-106.9M	1.23B	1.27B	393.1M	-1.07B	79.1M	-309.4M	-300.3M	-29.1M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-62.7M	-69.1M	-70M	-91M	-101.6M	-100.1M	-93M	-86.3M	-87.4M	-87.1M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	52.1M	-800K	-33M	360M	-57.2M	-183.6M	-7.6M	1.2M	-5.9M	-13.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	165.2M	172M	204.5M	94.4M	311.1M	114.8M	-91.5M	338.4M	331.7M	63.2M
FCF Margin %	0.1%	0.1%	0.11%	0.04%	0.11%	0.04%	-0.03%	0.11%	0.11%	0.02%
FCF Growth %	0.36%	0.04%	0.19%	-0.54%	2.3%	-0.63%	-1.8%	4.7%	-0.02%	-0.81%
FCF per Share	2.64	2.75	3.33	1.40	4.52	1.67	-1.31	4.67	4.56	0.88
FCF Conversion (FCF/Net Income)	1.52x	0.98x	2.45x	2.93x	7.79x	1.12x	-0.00x	2.81x	11.28x	0.62x
Interest Paid	0	0	0	0	0	0	0	159.6M	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	731.4%	170.62%	17.98%	11.33%	48.41%	-95.21%	82.33%	21.99%	156.36%
Return on Invested Capital (ROIC)	32.24%	29.68%	17.72%	11.25%	9.7%	11.44%	8.78%	9.76%	10.11%	11.79%
Gross Margin	43.59%	45.57%	45.58%	41.01%	39.57%	38.95%	34.81%	36.81%	38.2%	40.62%
Net Margin	7.81%	11.48%	5.2%	2.05%	1.76%	5.33%	-7.59%	4.75%	1.32%	8.09%
Debt / Equity	-	12.77x	100.33x	6.43x	13.85x	10.04x	27.74x	16.40x	24.36x	20.79x
Interest Coverage	4.62x	5.66x	3.34x	1.91x	2.36x	3.31x	2.67x	2.70x	2.89x	3.41x
FCF Conversion	1.52x	0.98x	2.45x	2.93x	7.79x	1.12x	-0.00x	2.81x	11.28x	0.62x
Revenue Growth	0.16%	7.43%	2.39%	38.76%	10.03%	10.08%	0.95%	-2.96%	-2.46%	2.28%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2024	2025
Alkaline Batteries	1.04B	1.5B	1.55B	1.61B	1.96B	2.1B	2.27B	2.3B	2.16B	2.25B
Alkaline Batteries Growth	-	43.36%	3.35%	4.17%	21.53%	7.14%	7.98%	1.36%	-5.95%	3.98%
Auto Care	-	-	-	-	409.3M	513M	606.9M	622.8M	627.5M	620M
Auto Care Growth	-	-	-	-	-	25.34%	18.30%	2.62%	0.75%	-1.20%
Other Batteries and Lighting Products	586.7M	136.2M	207.5M	185M	125.3M	132M	147.2M	129.1M	98.1M	85.3M
Other Batteries and Lighting Products Growth	-	-76.79%	52.35%	-10.84%	-32.27%	5.35%	11.52%	-12.30%	-24.01%	-13.05%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2024	2025
UNITED STATES	767.6M	824.1M	923M	935.8M	1.44B	1.64B	1.79B	1.8B	1.71B	1.72B
UNITED STATES Growth	-	7.36%	12.00%	1.39%	53.43%	14.35%	8.92%	0.63%	-5.18%	0.77%
Non-US	864M	810.1M	832.7M	861.9M	1.06B	1.1B	1.23B	1.25B	1.18B	1.23B
Non-US Growth	-	-6.24%	2.79%	3.51%	22.83%	4.17%	11.81%	1.41%	-5.59%	4.45%

Frequently Asked Questions

Valuation & Price

Energizer Holdings, Inc. (ENR) has a price-to-earnings (P/E) ratio of 6.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Energizer Holdings, Inc. (ENR) reported $2.95B in revenue for fiscal year 2025. This represents a 47% increase from $2.01B in 2013.

Energizer Holdings, Inc. (ENR) grew revenue by 2.3% over the past year. Growth has been modest.

Yes, Energizer Holdings, Inc. (ENR) is profitable, generating $239.0M in net income for fiscal year 2025 (8.1% net margin).

Dividend & Returns

Yes, Energizer Holdings, Inc. (ENR) pays a dividend with a yield of 5.70%. This makes it attractive for income-focused investors.

Energizer Holdings, Inc. (ENR) has a return on equity (ROE) of 156.4%. This is excellent, indicating efficient use of shareholder capital.

Energizer Holdings, Inc. (ENR) generated $63.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.